III. Industry Analysis
3.1 Market Size
The market size of live eCommerce at $60 billion in 2019, with China being the biggest market. However, the rest of Southeast Asia is not far behind. With the adoption of new technologies by brands and sellers, the global market share of live commerce is predicted to more than double by 2025. The product categories most frequently included in live commerce are clothes and fashion (36%), followed by beauty items and food (approximately 7% each). Consumer gadgets make up almost 5%, and furnishings and home decor account for nearly 4%.
The US live-streaming market is projected to reach $11 billion by the end of 2021 and $25 billion by 2023. Live e-commerce is intriguing and engrossing, which keeps consumers watching for a longer period of time. It also narrows customer purchasing journeys from awareness to procurement. In terms of demographics, Generation Z and millennials reign paramount, while live commerce is beginning to attract middle-aged and elderly customers.
3.2 Industry Profile
The ever-increasing number of users and changing consumer preferences make it imperative for a business to embrace its platform and product awareness through live-streaming e-commerce platforms. The demand for online shopping is growing by the day. The two primary elements driving the growth of online shopping stores these days are a lack of time and appealing deals. Books, electronic devices, accessories, clothing, movie tickets, insurance policies, and booking flights and train tickets are just a few of the things that may be acquired through online businesses. With the modernization of industries, the strategy for gaining customer focus has also evolved. Consumers being the primary focus, companies and brands are set to innovate satisfaction and newness for them. The value of live streaming keeps increasing each day as sellers, companies, and brands get to know how they move towards becoming known in the market each day. The market is gaining traction due to the growing adoption of online buying, which is aided by the ease of shopping, product browsing, and payment options.
